Share this page!

Enter Twitter Thread URL to Unroll

Needs to be the full URL like: https://twitter.com/threadreaderapp/status/1644127596119195649

How to get URL link on Twitter App

  1. On the Twitter thread, click on or icon on the bottom
  2. Click again on or Share Via icon
  3. Click on Copy Link to Tweet
  4. Paste it above and click "Unroll Thread"!
  5. More info at Twitter Help
bill morgan Profile picture
@Belisarius2020
Jun 11 • 7 tweets • 2 min read Twitter logo Read on Twitter
Thanks Sherrie. Great point. Just like Hinman said that leaving the Ethereum ICO aside the current position of #Ethereum (as at June 2018) was that it was not a security, /1
so too can one say that leaving the ICO of #Cardano to one side how are current day sales of #ADA on @coinbase exchange a security . How long has the Cardano blockchain been functional. /2
So what if the Blockchain like software is improved. Forgetting the 75 year old case that is the law in just one country for a moment, we can just marvel at the illogically absurd market reality being created in the US /3
In which if you have a pseudonymous creator/s and cannot improve the protocol it is not a security but if you can improve the protocol and know the creator it is a security. This distorts the market. /4
Ethereum changed its entire protocol from PoW to PoS for goodness sake. It will hasn’t been named a security by the SEC and nor should it be. Cardano hasn’t gone that far. /5
There is even a more fundamental question than whether these cryptos are securities under US law . Cryptos are quite different than other assets. Why would you event want to treat them like securities when this is doing as much harm to investors as scams and frauds/6
Rather than design special laws for this new asset class /7

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with bill morgan

bill morgan Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @Belisarius2020

bill morgan Profile picture
Jun 10
Why does the SEC thinks that #ADA is a security.
Imagine you create a product and then you add some feature or capability that makes it better. This happened a lot in the history of smart phones. You announce this improvement and how it will increase demand for your product/1
Then you post on a blog a description of your efforts to add more functionality and features to your product. You may be a software developer improving a software application. Nothing more, you just share that information on your blog./2
Lastly, you post on a blog about how your product is being distributed in 30 new markets, and outline your plans to improve the performance of your product to support growth in its adoption /3
Read 7 tweets
bill morgan Profile picture
May 23
The SEC wants to be able to say that all XRP in the market are or represent Ripple’s investment contracts (meaning all XRP Ripple has offered/sold/distributed). Problem is the uncomfortable truth about what the SEC calls the ‘small subset’ of sales to ODL customers/1
They just don’t seem to fit any part of the Howey test. No investment. Even the SEC alleges they are dealt with by ODL customers immediately. No expectation of profit because they are being used as a bridge, not held. No common enterprise. ODL users are customers of a product/2
This is a big issue for the SEC because if Ripple sales to ODL customers are an exception (assuming other Ripple sales are investment contracts) the basis for saying all XRP is or represents an investment contract or the tokens themselves are securities is undermined /3
Read 18 tweets
bill morgan Profile picture
May 14
To put this and Stuart’s tweet in context the starting point is to recognize that the SEC is trying to massively stretch the Howey test to cover crypto on the grounds the test was intended by the Court to be flexible/1
The SEC does this in relation to crypto by an expansive view of common enterprise that allows it to avoid the word ‘enterprise’ and the need to link it to specific transactions and focusing insteadon the adjective ‘common’ /2
This is why you never really can understand or easily answer the question ‘what does the SEC actually say is the common enterprise that Ripple and XRP holders over the whole globe for 8 years are involved in’? /3
Read 10 tweets
bill morgan Profile picture
May 13
I don’t accept the relevance of the LBC burning issue to XRP at all. Nothing about LBRY’s sales of LBC are even close in nature to Ripple’s current sales of XRP to ODL customers. /1
If Judge Torres finds that Ripple’s past sales of XRP were investment contracts but does not find XRP itself is a security why does it follow that Ripple would be ordered not to sell XRP to ODL customers. It doesn’t follow. Such sales are not investment contracts /2
ODL customers don’t invest in XRP, & use it for cross border payments. They don’t expect profits because they intend to only hold it long enough for the payment to be made & their goal is to make that payment not share goals of some ‘enterprise’ with Ripple & other XRP holders/3
Read 4 tweets
bill morgan Profile picture
Apr 5
The preliminary statement in Ripple’s Reply in its summary judgment motion states upfront that the case turns on statutory interpretation of the term investment contract. /1
It refers to the SEC’s case theory that if someone buys an asset hoping to make money and its interests and the sellers even partly align it is a security subject to registration which Ripple says is not the law, /2
and if Congress wants to expand securities laws to this extent it can do so but the court should not./3
Read 11 tweets
bill morgan Profile picture
Mar 22
What is the relevance of the blue sky issue in the fair notice defense. I was thinking it was only relevant to the Howey analysis and didn’t notice until now it’s role in the fair notice defense. /1
But Ripple’s opposition to the SEC’s motion for summary judgment on the fair notice defense clearly argues that Ripple sales involve no contracts and lack the essential ingredients that define the term investment contract. /2 Image
So no person of ordinary intelligence would think those Ripple sales were investment contracts. Those essential ingredients as identified by Ripple in its SJ opposition brief include post sale obligations to investors or rights against the seller (as the Howey investors had) /3 Image
Read 14 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

Send Email!

:(